Gold and Crude Oil - August 23, 2022 - HDFC Securities

Posted On : 2022-08-23 19:53:18( TIMEZONE : IST )

Gold and Crude Oil - August 23, 2022 - HDFC Securities

Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

Gold prices traded firm with spot gold prices at COMEX were trading 0.23% up near $1739 per ounce on Tuesday. Gold October future contract at MCX fell by 0.14% up near Rs. 51239 per 10 grams by noon session.

Gold prices halted decline on softer dollar which is still trading near six week high. The precious metals traded under pressure with surge in US bond yields which rallied to one month high along with stronger dollar. The hawkish FED stance has capped upside in gold following softer inflation numbers. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1720 and resistance at $1752 per ounce. MCX Gold October support lies at Rs. 50900 and resistance at Rs. 51500 per 10 grams.

Crude Oil prices traded higher with benchmark NYMEX WTI crude oil prices fell by more than 1.20% to $91.44 per barrel on Tuesday. Crude oil prices rebounded as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline. We expect crude oil prices to trade sideways to up with resistance at $94 per barrel with support at $89 per barrel. MCX Crude oil September contract has important support at Rs. 7180 and resistance at Rs. 7450 per barrel.

Source : Equity Bulls


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